Paul Mancuso, Real Estate Investment Fraud, New Jersey 2024

Two Men Charged in $5 Million Real Estate Investment Fraud Scheme

NEWARK, N.J. - Paul Mancuso, 46, of Glen Rock, N.J., and Pasquale Stiso, 52, of West Harrison, N.Y., were arrested and charged with engaging in a real estate investment fraud conspiracy that defrauded more than 15 victims of approximately $5 million from 2009 to the present.

According to the Complaint, Mancuso held himself out as a real estate investor, broker, and/or developer, as well as a “hard money” lender and broker of other various purported investments. Mancuso obtained from his victims substantial investments for various projects that, in fact, either did not exist at all, or in which Mancuso had no actual involvement.

Stiso, a disbarred attorney, held himself out as an individual who was working with Mancuso on various purported projects. Some of the purported projects touted by Mancuso, Stiso, and/or their co-conspirators included investments in a phony ticket scam, the development of a pizzeria at a resort in the Bahamas, the development of a casino in Atlantic City, the development of a commercial shopping center, and the “flipping” of a piece of real estate in Matawan.

The charge of wire fraud conspiracy carries a maximum potential penalty of 20 years in prison and a maximum fine of $250,000 or twice the gross gain or loss associated with the offense, whichever is greatest.

Mancuso was ordered detained, pending a bail hearing tomorrow. Stiso was released on bail.

The government is represented by Assistant U.S. Attorney Lisa M. Colone of the U.S. Attorney’s Office Criminal Division in Newark.

The charge and allegations in the Complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

Source: https://www.justice.gov/usao-nj/pr/two-men-charged-real-estate-investment-fraud-scheme